Wednesday, September 15, 2010

Winning ( Chapter 2 ) Candor - Stephen Green, the chairman of HSBC

In the second chapter of Winning, Jack Welch mentions that lacking in candor can block smart ideas, fast action, and good people contributing all the stuff they’ve got.
The effect of candor can lead to winning process with three main ways.

1) It can get more people in the conversation. More ideas can be collected and study in the meetings.
2) It can generate speed. The solutions, new ideas and improvement can come out rapidly as many people debate rapidly.
3) It can cut cost, reduce the meaningless meetings and reports.

Jack reminds us the key factor to keep exisiting of  candor, we should reward it and praise it and talk about it. We have to demonstrate ourself in an exuberant and even exaggerated way.

Stephen Green, the chairman of HSBC will step down from the bank to take up the role of trade minister in the coalition government. He worked at the bank for 28 years. He will join British Prime Minister David Cameron's coalition government as trade minister next year.

He is a hugh proponent of candor. In 2003, he reliazed that HSBC made the wrong investment. Plently of the shareholders from the public were disapppointed and lose the trust of the service from the bankers. He reported to the public that the industry did so many things wrong. Green was the first person refused to receive the bonus from the bank referring to HSBC's $15Bn acquisition of the sub-prime lender Household International in 2003. He is understood to donate a substantial amount of his own salary to charity while so many top executives at HSBC still received massive pay packets, with five bankers sharing a £38m bonus pot last year.
The prime minister mentioned he was the vital role of trade minister with his experience and expertise. To be honest, Green has a particular ability which can drive strong economic growth in UK.

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